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Singapore-based hospitality brand Ascott plans to enter the co-living segment in India as it continues to expand the serviced apartment property segment in India. The company plans to open 10 more properties by 2027, and would introduce a co-living brand.
The co-living brand was created about four years ago in 2019 in Singapore. The company has opened 33 properties under it, including in Australia, France, Japan and Singapore. It is considering a project in Delhi, which it sees as an ideal market for its co-living brand. In North India, Ascott has tied up with real estate developer Paras Buildtech to open a 94-room serviced apartment property - Citadines Paras Square Gurugram. Eyeing a larger share of the hospitality sector, it is expected to clock 11-13 percent revenue growth in 2024-25.
Additionally, the company plans to open another property in Gurugram soon, in the light of corporate employees returning to work, and room booking requirements for executives. The property caters to the global capability centre (GCC) and technology hub clients, and will also provide long-term lodging.
The offerings would cover from service residences to hotels, to senior accommodations. For serviced apartments, it is looking at tier-two cities for expansion. |
